Closer relations between the UK and the EU will boost market advancement, Chancellor Rachel Reeves will inform European finance leaders on Monday.

In the first address by a British chancellor to the Eurogroup since Brexit, Reeves will declare resetting relations means “breaking down barriers to trade” as well as helping “businesses sell in each other’s markets”.

While Labour has ruled out rejoining the bloc, it has repeatedly said it wants the UK to “deepen ties” with the EU.

The Conservatives said the chancellor should instead be working out how to reverse the “devastating apportionment measures that have crashed confidence”.

“If [Reeves] is interested in growth, she should inform the prime minister to jump on a plane to the US and talk to [President-elect] Trump about getting a US-UK trade deal done, not trying to receive Britain backwards into the leisurely growth EU,” shadow business secretary Andrew Griffith said.

The British Chambers of Commerce (BCC), which represents around 50,000 businesses, said that in order for the economy to develop “we must export more” but UK firms “are struggling under huge regulatory and paperwork burdens”.

At the Eurogroup finance ministers conference in Brussels, Reeves will propose building a “mature, business-like connection” between Britain and the EU.

“I recognize that the last few years have been fractious,” she will inform her European counterparts. “Division and chaos defined the last government’s way to Europe. It will not define ours.”

She will declare: “I depend that a closer economic connection between the UK and the EU is not a no net gain. It’s about improving both our growth prospects.”

Liberal Democrat Treasury spokesperson, Daisy Cooper, said: “The Conservatives’ botched Brexit deal has been a disaster for the economy, with tiny businesses, farmers and fishers all caught up in endless red tape.”

Last month in a highly unusual shift, Andrew Bailey, governor of the financial institution of England, said the UK must “rebuild relations” with the EU.

The governor has avoided commenting on Brexit because of the financial institution’s independence from Westminster politics.

He said: “The impact on trade seems to be more in goods than services… But it underlines why we must be alert to and welcome opportunities to rebuild relations while respecting that very significant selection of the British people.”

The export of goods, such as in food and farming, has been impacted by recent trade barriers. But services, including banking, have performed better than expected.

Labour has said it is committed to implementing post-Brexit agreements struck under the previous Tory government.

These include the Windsor Framework which covers trade between the UK and Northern Ireland.

But Reeves will inform finance ministers: “The reset in relations is about doing what is the best interests of our shared economies and those that depend on it.

“That means breaking down barriers to trade, creating opportunities to invest and helping our businesses sell in each other’s markets.”

Reeves will provide her talk at a key period for both the UK and European economies after President-elect Donald Trump threatened to impose tariffs of up to 20% on all goods imported into the US.